Redevelopment of 15 warehouse district apartments complete

Albany project puts number of apartments downtown at more than 500

Backyard of developer Patrick Chiou's redevelopment of 800-806 Broadway transforming four dilapidated buildings, abandoned for nearly a decade into 15 new one and two-bedroom apartments Friday July 13, 2018 in Albany, NY. (John Carl D'Annibale/Times Union) less

Backyard of developer Patrick Chiou's redevelopment of 800-806 Broadway transforming four dilapidated buildings, abandoned for nearly a decade into 15 new one and two-bedroom apartments Friday July 13, 2018 in ... more

Backyard of developer Patrick Chiou's redevelopment of 800-806 Broadway transforming four dilapidated buildings, abandoned for nearly a decade into 15 new one and two-bedroom apartments Friday July 13, 2018 in Albany, NY. (John Carl D'Annibale/Times Union) less

Backyard of developer Patrick Chiou's redevelopment of 800-806 Broadway transforming four dilapidated buildings, abandoned for nearly a decade into 15 new one and two-bedroom apartments Friday July 13, 2018 in ... more

Four abandoned buildings in Albany's warehouse district, a slice of the city that has attracted significant investment in recent years, have been turned into 15 one- and two-bedroom apartments.

Developer Patrick Chiou invested $2 million in the properties at 800-806 Broadway, located across from a Sunoco gas station, after acquiring them through a county auction about two years ago. The buildings were gutted, the roof was replaced and new floors, plumbing, heating and electrical systems, sheetrock and windows were added. It took more than a year.

The project was also financed with $1.53 million construction loan from the Community Preservation Corporation, a nonprofit affordable housing and community revitalization finance company, and federal and state historic tax credits. The structures on Broadway were previously considered dangerous to enter, according to Capitalize Albany Corporation.

"It was a very long and difficult project, but we finally made it to the finish line," Chiou said Friday at an event celebrating the completion of the apartments. "

All of the apartments are rented and rents range from $1,200 to $1,600 a month, Chiou said. He also owns a vacant parcel next to the buildings and the the historic Church of Holy Innocents on N. Pearl St., a 166-year-old Arbor Hill landmark. Chiou said he has plans to add a coffee shop and otherwise redevelop the site.

The University at Albany graduate previously renovated 83 Beaver St., turning the former warehouse near the Times Union Center into nine apartments, and in 2016 he and a group of Chinese investors bought two State Street buildings with plans to add apartments.

Dancers wearing Chinese dragon costumes performed Friday at an event celebrating the completion. They symbolized good fortune and prosperity, Chiou said, and attendees were invited to hand red envelopes with money to the dragons for good luck.

The buildings sat empty for a long time and people would drive past and ask why they were vacant, Albany Mayor Kathy Sheehan said at the event. The development reflects what people are looking for, she said, and praised Chiou's "vision" and creative thinking.

With the buildings' completion, there are now more than 500 finished apartments in downtown Albany, said Sarah Reginelli, president of Capitalize Albany. There are about 300 more in the pipeline and under construction.